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TICKERS: PAT; PTOTF

Threat Detection Solutions Provider Buys Artificial Intelligence, Machine Learning Firm
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This move is a key differentiator for future development of the Canadian company's platform.

Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release it wholly acquired XTRACT Technologies Inc. for $6 million and 9,422,956 Patriot One common shares.

XTRACT develops and commercializes artificial intelligence, machine learning, deep neural network and predictive solutions utilizing its proprietary technology, for public and private entities, including those in the military, government, industrial, environmental and transportation sectors.

The acquisition, which includes all interests, assets and intellectual property, comes after the two firms collaborated in July on enhancing PATSCAN's threat detection accuracy. "Integrating XTRACT more deeply into our development and day-to-day operations made perfect sense," said Patriot One CEO Martin Cronin in the release. "XTRACT's novel neural network architecture and data fusion techniques are robust, efficient and require less memory than comparable standards."

XTRACT will keep operating as its own business unit and under its current name. The XTRACT team will bring artificial intelligence (AI) and machine learning expertise. Its chairman and CEO Kevin O'Neill will serve as an adviser to Patriot One and has been invited to join the company's board of directors.

"The XTRACT acquisition is part of an ongoing strategic initiative by Patriot One to bring together leading edge technologies and services that will enhance the power of its PATSCAN platform," the release noted.

In other Patriot One news, Jeffery Tindale resigned from its board of directors as of Sept. 9, 2019, but will stay on with the company as senior vice president of capital markets.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Patriot One, a company mentioned in this article.





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